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Bank Turndown Option
Our Bank Turndown Option is designed for clients who don't qualify for a mortgage at the banks due to bruised credit or insufficient income to meet the banks qualifying ratios.
The banking system today relies very heavily on a clients beacon score (credit bureau score) to determine a clients credit worthiness. The problem with using the beacon score however is that so many different factors can bring down a clients credit score that have little or nothing to do with the clients past credit history. These types of situations are the most common form of non conforming mortgages; low beacon scores. Our non-conforming mortgage lenders don't see these clients as high risk, and are more than willing to approve them for a mortgage. The rates will obviously not be the best mortgage rates you see on our site but they are a great alternative.
Another factor in a lot of bank turn downs are the debt service ratios that the banks (and insurers) have determined to be the maximum a client can service based on the clients income. Our Bank Turndown Option offers alternative mortgage financing options to those the banks can offer, giving clients more flexibility when purchasing a home. These loans are not for everyone, but for many of our clients it could be the difference between renting and owning their own home. This is a situation where the best rate mortgage, is not necessarily the best product.
Product Options
Variable Rate Mortgages
Variable rate mortgages fluctuate with the banks prime lending rate. The discount off of prime that you receive can fluctuate with market conditions and what each lender is offering at any given time. When going this route however there are some things you need to understand about the product and this is where a professional mortgage advisor can help you out.
Is a variable rate mortgage right for you?
- Do you have room factored into your budget if your payments were to go up? (How is your rate tolerance?)
- Do you follow the mortgage rates to know if or when you should lock into a fixed rate mortgage? (We have you keep in touch with us for regular updates on what is happening with both the fixed and floating terms when you take a variable rate mortgage).
- What would your mortgage rate be if you chose to lock in at some point? Is that discount in line with the wholesale mortgage rates available in the market? If it's a certain discount off of the going rate, is it in line with what is being discounted today on that product? (Some lenders offer good discounts off of prime on the variable portion, but don't offer any discount off posted rates should you choose to lock into a fixed term mortgage later on; you are locked in for 5 years so we make sure you avoid this trap).
Fixed Term Products
Fixed term mortgages are those which have interest rates that are locked in for the full term of the mortgage. When you shop for a fixed term mortgage, the biggest differences will come in the interest rate and pre-payment privileges. We offer the best wholesale mortgage rates available in Canada today. We have terms as short as 6 months and as long as 25 years, and we can work with you to find the right term based on your specific situation, one size does not fit all! We also think ahead to the end of your term and try to put you with lenders that will offer you their best rates on renewal as well (see Lender for Life Option).
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